Jeff Bezos explains why taxing billionaires won't help the average American
Amazon CEO Jeff Bezos has claimed that taxing billionaires more money wouldn't help the average American, as NYC Mayor Zohran Mamdani aims to raise income taxes on the city's wealthiest people.
The multi-billionaire has slammed politicians for villainizing the ultra-wealthy, speaking yesterday (May 20) to CNBC.
Bezos accused representatives for using tax policies to drive a political wedge, and distract from the bigger challenges the country is facing.
"You could double the taxes I pay, and it’s not going to help that teacher in Queens, I promise you," he said in the interview.
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But NYC Mayor Zohran Mamdani, who is raising taxes on the wealthy in New York, was quick to respond to the claims.
"I know a few teachers in Queens who would beg to differ," he wrote on X.
Despite acknowledging that income inequality is a concern in the US, Bezos doubled-down on the point that raising taxes on the rich is not the way to overcome the problem.
He added: "I think what’s going on is that it’s kind of a tale of two economies - so you have a bunch of people in this country who are doing really well, but you also have a bunch of people in this country who are struggling.
"So what’s happening here is, politicians are using the kind of age old technique ... you know, picking a villain and pointing fingers."
The 62-year-old is the fourth wealthiest person in the world, with an estimated net worth of $272 billion, as per Forbes.
His staggering fortune is primarily tied to his ownership stake in Amazon, but also investments in his aerospace company, Blue Origin, as well as The Washington Post.
Bezos claimed: "The top one percent of taxpayers pay about 40 percent of all the tax revenue, and the bottom half pay percent."
But despite claiming the wealthy shouldn't be taxed more, Bezos went onto question why lower-income earners are paying tax altogether.
"How about we start by having the nurse in Queens not pay taxes?," he said, not referring to a specific tax.
Meanwhile in New York, Mamdani recently announced a proposed 'pied-à-terre' tax, which will apply to residential property owners who don’t live in the city full time.
In the video, which has now since gone viral on social media, Mamdani showcased multiple high-end Manhattan apartments, some with a value as eye-watering as $238 million.
Topics: Money, Jeff Bezos, US News, Politics, Zohran Mamdani
Mia Williams